Senate Banking Committee Chair Tim Johnson (D-S.D.) is concerned about the economic impact of student loans on borrowers and their families and has called several government agencies to take coordinated action to address those issues, especially loan servicing and debt collection.
In letters on Wednesday to U.S. Department of Education Secretary Arne Duncan, U.S. Department of the Treasury Secretary Jack Lew and Richard Cordray, director of the Consumer Financial Protection Bureau, Johnson urged the agencies to undertake a "serious study of the market for refinancing student loans and develop a plan to enable borrowers to take advantage of the current low interest rate environment."
"While college still represents one of the surest paths to the middle class, rising student loan debt makes it increasingly difficult for graduates to buy a house, start a business or save for retirement," Johnson wrote.
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